Insurers using Sixfold's AI can quickly adapt their risk strategies to address new cyber threats, providing accurate and future-ready underwriting assessments. Additionally, the partnership with CyberCube aligns with the strategy of utilizing the best data sources to streamline underwriting, keeping insurers ahead as cyber insurance premiums are projected to reach $20 billion by 2025.
NEW YORK, Sept. 30, 2024 /PRNewswire-PRWeb/ -- Sixfold, the AI purpose-built for insurance underwriters, is improving the way insurers assess complex cyber risks, ensuring they are prepared to meet future challenges head-on.
In 2025, the cyber risk landscape is expected to become more complex with increasing threats driven by rising privacy violations, data breaches, the rise of AI, and external factors such as new regulations. According to Munich Re, the cyber insurance market has nearly tripled in size over the past five years, with global premiums projected to surpass $20 billion by 2025, up from nearly $15 billion in 2023, as reported by CyberSecurity Dive. Reflecting the rapid market growth and emerging threats, Sixfold has seen increased demand from specialty insurers in the cyber sector and has successfully brought on several industry leaders as customers.
"In the near future, cyber policies will become as essential as General Liability or Property & Casualty coverage. Given the world we live in, this shift is inevitable. Cyber policies are poised to become the most specific and highly customized policies available," said Jane Tran, Co-founder & COO at Sixfold.
𝗘𝗺𝗽𝗼𝘄𝗲𝗿𝗶𝗻𝗴 𝗨𝗻𝗱𝗲𝗿𝘄𝗿𝗶𝘁𝗲𝗿𝘀 𝘁𝗼 𝗤𝘂𝗶𝗰𝗸𝗹𝘆 𝗔𝗱𝗮𝗽𝘁 𝘁𝗼 𝗡𝗲𝘄 𝗖𝘆𝗯𝗲𝗿 𝗧𝗵𝗿𝗲𝗮𝘁𝘀
As cyber risks grow, the pressure on underwriters to assess risks accurately and expedite the case review process continues to increase. Sixfold's AI solution for cyber insurance addresses these challenges by securely ingesting each insurer's underwriting guidelines and aggregating all necessary business information to quickly provide recommendations that align with the carrier's risk appetite. This capability allows insurers to quickly adjust their risk strategies in response to new cyber threats.
"With Sixfold, insurers can synchronize their underwriting guidelines across the board and adapt quickly. For example, when a new malware threat is identified, you can instantly incorporate it into your risk criteria through Sixfold. This ensures that the entire cyber team factors it into their assessments immediately without needing to learn every detail of the threat or spending hours digging for the right information" said Alex Schmelkin, Founder & CEO of Sixfold.
Besides, effective cyber underwriting demands deep expertise in IT systems, cybersecurity measures, and industry developments. This need for specific expertise presents a significant talent issue for insurers, especially with 50% of the underwriting workforce set to retire by 2028. Sixfold bridges the knowledge gap by instantly providing underwriters with the specialized knowledge they need for accurate risk assessments.
"Underwriters no longer need to be cyber experts; they can rely on Sixfold to spotlight the critical information needed for accurate underwriting decisions. Our platform simplifies the complex world of cyber risks and empowers underwriters to make more confident decisions, faster," said Jane Tran, Co-founder & COO at Sixfold.
𝗦𝗶𝘅𝗳𝗼𝗹𝗱 𝗣𝗮𝗿𝘁𝗻𝗲𝗿𝘀 𝘄𝗶𝘁𝗵 𝗖𝘆𝗯𝗲𝗿𝗖𝘂𝗯𝗲 𝘁𝗼 𝗘𝗻𝗵𝗮𝗻𝗰𝗲 𝗖𝘆𝗯𝗲𝗿 𝗥𝗶𝘀𝗸 𝗔𝘀𝘀𝗲𝘀𝘀𝗺𝗲𝗻𝘁𝘀
Sixfold has teamed up with CyberCube, the world's leading analytics provider to quantify cyber risk. This integration of CyberCube's advanced cyber risk analytics with Sixfold's AI underwriting solution enables insurers to achieve faster and more accurate risk assessments. The partnership enhances underwriting efficiency, strengthens regulatory compliance, and offers highly tailored cyber insurance solutions, empowering insurers to stay ahead of the rapidly evolving cyber threat landscape.
"The partnership between CyberCube's comprehensive cyber data and Sixfold's innovative risk assessment is setting a new standard for the future of underwriting, keeping insurers prepared for new challenges in determining accurate cyber policies." said Ross Wirth, Head of Partnership and Ecosystem for CyberCube.
𝗔𝗯𝗼𝘂𝘁 𝗦𝗶𝘅𝗳𝗼𝗹𝗱
Sixfold is a risk assessment AI solution built exclusively for insurance underwriters. The platform automates repetitive tasks, allowing underwriters to focus on strategic risk decisions. Utilizing patented AI technology, Sixfold securely understands and applies each insurer's unique underwriting guidelines, delivering tailored recommendations. This enables underwriters to produce faster, more accurate policy quotes, boosting GWP per underwriter by at least 30% and cutting submission processing time by more than half.
For more information about Sixfold's solution for cyber insurance, visit www.sixfold.ai/cyber or email [email protected]
𝗔𝗯𝗼𝘂𝘁 𝗖𝘆𝗯𝗲𝗿𝗖𝘂𝗯𝗲
CyberCube is the leading provider of software-as-a-service cyber risk analytics to quantify cyber risk in financial terms. Driven by data and informed by insight, we have harnessed the power of artificial intelligence to supplement our multidisciplinary team. Our clients rely on our solutions to make informed decisions about managing and transferring cyber risks. We unpack complex cyber threats into clear, actionable strategies, translating cyber risk into financial impact on businesses, markets, and society as a whole.CyberCube is the leader in cyber risk quantification for the insurance industry, serving over 100 insurance institutions globally. The company's investors include Forgepoint Capital, HSCM Bermuda, and Morgan Stanley Tactical Value. For more information, please visit www.cybcube.com or email [email protected].
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Maja Hamberg, Sixfold, 1 3478592342, [email protected], sixfold.ai
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